The Massachusetts Division of Banks has joined other states in an effort to connect student loan borrowers with relief options at 15 private student loan servicers, an expansion of protections the federal government granted to federal student loan borrowers.
The new options, the administration said, will benefit more than 182,000 Massachusetts borrowers with privately-held student loans. Relief options will include a minimum of 90 days of forbearance, waiving late payment fees, ensuring that no borrower is subject to negative credit reporting, halting debt collection lawsuits for 90 days and enrolling borrowers in other assistance programs.
The governor's office said borrowers in need of assistance should immediately contact their student loan service to identify the options that are appropriate to their circumstances. The Division of Banks also issued a consumer advisory with additional details.